Arnett College predicts that in 18 years it will take $⁢350,000 to attend the college for four years. Hannah has a substantial amount of cash and wishes to invest a lump sum of money for her child’s college fund. How much should Hannah put aside in an account with an APR of 8% compounded monthly in order to have $⁢350,000 in the account in 18 years? Round your answer to the nearest cent, if necessary.

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